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The microfinance institutions (MFIs) in India added 2.56 million clients to its portfolio between September 2012 and September 2013 expanding the client base 11%, even while the branch network and staff declined 1% during this period.
According to the seventh issue of MicroMeter, a status report on the microfinance industry published by the Microfinance Institutions Network (MFIN), the number of MFI clients stood at 25.16 million as on September 30, 2013, as compared with 22.6 million in September 2012. There are about 41 MFIs in the country.
The gross loan portfolio of these MFIs expanded 30% to Rs 22,138 crore in September 2013 from Rs 17,019 crore in the same month last year.
The industry received Rs 3,780 crore in funding during 2013-14, of which 86% came from banks and remaining from financial institutions, the report said.
